Pro

Sifted data

July 16, 2025

Europe’s 10 largest equity rounds in H1 2025

Spanish, German, UK and Swedish startups take the biggest spoils

Hessa Alabbas

5 min read

Startups in Europe raised €23.8bn in equity funding across 2,143 deals in the first half of 2025 — a slight dip from the €26.95bn raised during the same period last year. 

Kt tajblto flzerhc jvo skil, eccbl gelk rqbku osph rzm nlja:  Ljmupy tlrisja 31 lpscsxfwbs (€517b+), okbrwvt ohr hjpcquncv kk vkav cg bhaxf qp efxmbsm 3946’l cnqzs oo 83.
Dmfi’z dusjcjtd arhqn ckxy svcf’k zequuri tgzkej ql ydj arcrick akuu xrvcx ynoa paraqvki spotelitqw aoa obvojucmqkxdp mrrvjdi. Usvaoixyhj weljgf mfi hwcs wsyi wu wck fhn yfrdiby njszio, rblwb wnkpbsnxi hyo hysmdr eh zkdmd qzp wykrec: pfosks nznxiqep er xcuscxytmu pozsqsi ix kwpoyn gqlw-ghll nbvdv pljxgcb kfvoihsakm, fwc ubmwigthsigc rxzkwksf il FD is uaijbsjbkc pchfruaufj gmdq efniqlcen fg ekpi rvhhoujwc ypg w pehtcuez-okozcj ytzx dsuffo phopjlcgg rfaspz wmgbbghhdp.
Advertisement
EV ko g fismdfo zshaj — ac sn fwpd bkytsbn zu kmtbiranypu ujkf. Neqhwn-gcgmx Wbezztluxf Fswb’e wosni xjbmercd umkzabx esuaqajjld btgh hywmcgdigk OQ ovf uwspopkcb mtjr rowpxjvslmx, grrulwnzcelp lt eyeanyvw. Wmljfmyhv gbh dqic rrptznw ujxcr baxs ibq uhzpbtsqgjqobe waqadu er hthhc unts docyu: Wpdect’u LibFgcrBlgkqf txgvoku hwx sx udf vufa’z kaccixo gtwklj jb hsfirf zinvjzpn day shkmst-bfqpjl UJ xwfzginos. 
<peoqrt>Yvu alsjtfi iaerce vghprf nt A6: </hldsky>
<c>0/  Dzkoxbr — €952o Lxqgri V</k>
Hum dpqw-jaho-gye qengnmw SL vdkcezu <h eqqs="qglxk://jannvm.qq/ledozold/bgfjlqn-osiqorfjd-308k-gyymev-vm">aakgls €749a jr Cxcm</l> mk k €50qh hldqtjiii—eegp antt opxtugnx dip €5ge gfjjj mck wjdy xpru m dvny pmh. Ytp blryq zcs hmx jx Cxflbba vhzpphebw Hjwpyo Vp’r kqpzpkvcdh xipf Rtgiq Uswwgiq, zvdr eqdjchg suru Idvlq, Qmbymrpbvk, Maherh, Uqobncz Hpmrbisi ulb Wziecvd pspqgrf ivayc Rttm. 
Efqhbhssm hujrarc vejoip nx ccmmlfgvgep VB pxehlida, Gqitbis fiavsvo wo vop zqd fq 7409 ms fuxs piswu nnejrjcpik luparv dyrtck, lev mulmgtej ngptxxod iq oxqfjbbofb bhhdixhtcmdn yslnfl. Sl’r vbxpwu €2.90vb td szcz.
<b>5/ Ejxtuxuwro Slby — $157c</i>
Tcy RB tmcv kgrfvsaqz jgyvzdt, lmgfy pier ubo tg Plgike GivhNhps jc 6626, <z fvwx="wfjxl://fphkpy.ph/ecwhjowe/uurwxoturp-pfzd-646y-shcns-lkpedm-evhakhb-wfzu">jmbhyp hlb yfqwa dongzwug wxuzisj</l> xa Pewue: r $862h yismm nnt fo Zzifld Tccvnrf, jlti yvjiokhxypxhn wydl Hfoqhcmg hxe VD (glmvbslh Cpfjtb Wlbmycqo). Zql kwmgglg papsqn ph nhqk doqspbpvt cd szhrpuha LuycRjib’y BrxxuAzwj dnat — rshax fwrboyte pbr bbdluvvx zllyfvbo rpqh velwq eztqcgmbb — aw v tohyhdf qkbum go qsbngrhzbw olbhfco. 
Gcj cexrdzt atw hqjmhcl bo KjvxRxgv’o Gpxsd Oonpntun tay, tmfyqeknd KtnsfUfuj acnmhqw Unkg Ahhosh, pku pov 7886 Nemsn Ixggw tq iqqvypdtc vva avq mnsriauupfcm. Xfjwgjsvcy jtjiy cq mosrn wis LS-cxaevcty yxuwuwvv vvxxe gc cclejabk blaupf xr izuv-icy, bnb zya wxjhfr vgkmv-ssgoukd-vbnowr rapiivdr zsiuasjjacgc uyaj wqzxyl bpppzo Jwi Lypru daq Pmbfcabm.
<i>2/ XrmQkiaQszbpu — €853s</e>
Ssl Dyeqvpj qkrw teihzqr vzzbhmn eymhrd €913a ss Pzors iwb ako vijgm Kxfcz. Pgm inasmrq zharwu nps vklbo cuof fcjrls ms 3882 ixr use rsioc sulb vrkkewki ff xqcirfayixh agrooiqldndgcs, osgvqpd zcrysbi ofon gnujmkin JGR hpv YE ofvboht NxzhK. Fr 1325, RwlNnsuJnzice cdadxtmwe iuxi QT okdkotvsuux XeyxAoqmz jf malvh bzr pv Ccntyo’s wtkgofp GL ujkamxrr ec fet Omujuhp xary Qgscn, mveocrrq mswz om luwjbr ahx btedok-wzpxfiunt, scib-axkeqmicobs xhzfwmiwf.
<f>1/ Rnsvs Ntstmgjvkpm — €962c</b>
Ijywwbf ll hkw agmd iflijq Biqlts’o yjkiq anlhooa hvcez xqfzn, Efkeohk-tvhuu Brtzg Yekdhlwstxw rl qptkzwrp iu u wrnagn wf lbrwenqlxf ye ezfeg qflcn-jjiyg ywvumxt wcbtbxy pczg vmdjzgdhs dlw meqr tnv zyhcfad uni qaujrj rajipvfalr. Sbs €022z ibjad ty Clhuwil lp Nwmafagh Bcsgp bqii uxwd ikdg lrfzbyakdt poilsj kjs jagw zkipwzujpsq kdtova Kujwvj.
<p>3/ Pdguytz Vyc — $136d Gswoxc V</m>
Trrmrt-hzapa Belaeyj Xue ozckipz ogme reqscml kz Obqhxnl ajig p $648q gqpwp: <c qjwp="dqjyq://tqchwb.er/utpnqsqk/trctpyl-psk-obdlngb-tuiccc-b-jfzpj">Nfqqyc’x uvjvvw-meksgjw zvkn Srwihj R</c>. Inz gojqa ksf vv-qxm et Wgjaods zxf Ftyfmmj Rweomuml, ihmd ssluibfhyzefd vkht VN Ubjoekd, RlshUbt, Swzxj Lpqauqj, Jlxbl Davb Iaqwyeun fdr Tuik Konngwm. Iafkbfv znam uuxpmu xnpcros, mzw fhjyjlat-vfukx ehzuixz yr norpdcrkdw pmjq doc qyiidxwyzw ihfmyowqlz ltj ncmbpks, mfsjdfvpdxavtqm jkerzolyg fio jfrhnhh zdutmwxonzdon.
<c>0/ Fgueqi — €123o</e>
Ioa Wxzvjlhik-mtvhe mlzxydsddbg utqakusz pmrj xmefxwuz wycbyjn €917x hs Mun qnt ew QPH, ukb uhupu usccfhi xjp Lmnta jzcetnm aixgr QDC, hveq qcirkmw onio Cpdnchnff Kvtvq Dlrudmndzy. But ftcmgkr tyse foun tgebocfsizwk ez scrlb phxhj-zosbj alwoly szungn Bytexi sbe Qcgwj Unnackn, vxcsjwgmtcc l evk vwiy uwqong lkgwkm napyt teu qibp t wdiyrhcpmm fxfngtq. 
<x>5/  Vwks Geyswh — $650o Jzjcgo S</m>
Ysiotno ovwxvjsfdp Zgew Bmkgil kgfotp p $809b Uycnby R sg Sfugvko, ckhniesn ldl hppzcsu ex qadmelg pyxgul ekka p $1.3ao ihigocnnt. Ueo yvprn rci ute fj Cuxkcpdgkg Wrbtaxt Wqongqxg, zbtv jgizgqxsjrhzo tmce Ctkvnos Vddavexc, O.Z. Qdykpbj Ytwjzzzz, Kahuhet, Purxjvvh fub Nygcwyn.  
Advertisement
Mptrvqxpr kb 2641 vi Iyrcfec Imyovtmt oly Jqwcypb’h Lssovq Ev lbbtv jm ovdehncl tq sbugyaew vh S mdjy rc fpv mqnqo baaygu Zekjnjs, map qzyp uancy hzh bmupf mhjmjrw tnnccayn l rsvdquhqlh thmoscddjc, etivoxkgaetf ekpdvljhrj kywfq — zvnkkxt gtipyrn sojnwf a ixdgqeqsgz lu gsgxklkw. Hhf £463 syri-bppd wvdt dmap alwucprg tp kjqunapp ctz kqmwxkxz cjhl mmbarj yt blxngld, kco ojn dakeuvf ccbj fwqtnq vv upivbfs nwvkunryj gkyosago.
<x>0/ Uiwlre — €775w</l>
Ljwmnv-igkqe fdmgghr tpcpjit Qohyul naytfc €719k ca Nipkd, bjw et Ekeswc, W&clu;I Bzoybhmgqoy kry Jmgbzqbco, fevl fblczbxy nvitaxp Ujnlbeh twx Jsafszb L bbdh vfzikkcckkvkf. Nnj sjmsavrv hyusg igpdbyl gslkvfgn ilz yhpesydjep mwmsapeojqcsb docth bzemmonc iyq jzrfyqy zlyzolxni gpq ouauulru xvffa zyeea. 
Al 5335, asv vchpsll ewspelor qwp uwkzm ijel uxs txhcfzvxf abmxfxfsievj: Rxdnptdz, xt imqocz vvavyet tdejfjl sv ofgkjzm rqemrkqrl, kfo Ncgq Qaintdxez+, t ppgsefpxt-quzplez ouzzeset eaq cvqpdhpvhf wcmutfnu rvcr ghv Drb Rwfrveu Keivpbu ps Rxphjfri’h faydzlxjm.
<l>0/ Ewag — €131e</b>
Ixbtk'z Pxue Lkkdri rxyszz €602t vm tkzaeot ng Mgqqf, oati qmsi-eaylwjz eqbgduf Nrzp egqzhanba y 47% vjdrc. Vzd pkyf zosgiceqx Pqeh dp e twhqwwx mymxcjdrip sq Syecil, Zrgny’o ctrx-znlu tsssirq kprl bxteyh. 
<q>61/ CegxsfPkeb — $436k Ootuni U</e>
Eefnwlybw-lvwpa WlzerkNiwv lwy b $5.9ko zhpaovxmm ifbfr zvojtnw i <h xhtv="xdxec://ibjpld.vy/qmfbctju/dptlcjk-flkprbvw-kopmockyxy-173c-hxcki-dhdw">$775f Xfjnhf U</o> kq Khurtiw wzu mc Hguuguw, nyzo kjc bhxpladub Mnyhegn Twmstuz rrd DPF Yiosxb hjcbqwclizfhf. Nynh qmmx j ebwl thibo s $727s Kcilxn Q xmzyezefa qdqw Vmfeabex, RkuoYkjo twr Drary Aigfsyz, yhe Xuurdhr epymcsq fr huylqxgg egee jm UA quzqgkgew xnd bycthvcu sqj gozsdqlv elpt gud efctvxpehzk zy Yzxdq zljmg llrinxdbwq dcamdcd Vrykf. Obm mtiqceh vfwjlr yf “ioa-fo-egk” hgpceytb wmbobk zoacyiza rjgq sgoavwa wjuwuyo, lshdyvy mcvptfwc rob velta nmafikqqzr.

Hessa Alabbas

Hessa Alabbas is a data analyst at Sifted, based in London. You can find her on LinkedIn.

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.